Petra Perdana to Acquire Five Support Vessels

Petra Perdana Berhad's subsidiary, Perdana Venus Limited, has entered into an agreement with SK Line Company to purchase of one newbuild Anchor Handling/Offshore Support Vessel with 5,220 total brake horsepower at a purchase price of RM 49,700,000.

The purchase consideration for the Vessel was arrived at on a 'willing buyer willing seller' basis after taking into account the current market value.

In a separate transaction, Perdana Venus Limited has entered into four separate agreements with Nam Cheong Dockyard Sdn Bhd for the purchase of two newbuild 165-men workboats at a purchase price of RM 57,875,000 each and two newbuild 300-men work and accommodation barges at the purchase price of RM 79,000,000 each. The total price for all four vessels is RM 273,750,000.

The purchase consideration for each Vessel was arrived at on a 'willing buyer willing seller' basis after taking into account the current market value.

Each of the acquisitions is expected to be completed upon the delivery of the respective vessel, which is to be constructed. The expected timeline of delivery of the two workboats is December 2008 and April 2009, while the two work/accommodation barges would be delivered July 2008 and November 2008, respectively.